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Saudi Arabia has launched a plan to wean the economy off oil
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Oman said it will start granting residence visas to foreign investors for 5 or 10 years
Saudi Arabia is considering developing an industrial zone in Oman, and the two Gulf states have discussed the possibility of investment opportunities in the special economic zones in the Kingdom and the Sultanate, the Saudi Press Agency (SPA) has reported.
Saudi Arabia has launched an ambitious economic development plan also called Vision 2030 to wean the economy off oil, while Oman recently introduced a medium-term plan to rein in its debt.
“The meeting also discussed studying the possibility of establishing a Saudi industrial zone in Oman, where the Saudi side would develop, operate and manage the zone and build logistical routes to transport goods between Saudi and Omani special economic zones,” the SPA said.
Oman announced Wednesday it will start granting residence visas to foreign investors for five or 10 years, which is subject to extension.
Covid-19 and the consequent drop in oil prices have the Omani economy hard. The country is looking for ways to boost its state revenues and drive investment in the country.
